Finablr bullish ahead of LSE listing

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Finablr bullish ahead of LSE listing

Published: Tue 14 May 2019, 7:37 PM

Last updated: Tue 14 May 2019, 9:39 PM

Global payments and foreign exchange giant, Finablr, which is all set to list an initial public offering on the London Stock Exchange at a revised price of 175 pence per share, said on Tuesday that it is very confident about the long-term business prospects despite the current global market turmoil.
Dr B. R. Shetty, founder and co-chairman of Finablr Group, said that the UAE-based fintech leader "has tremendous opportunities ahead" and is very well-positioned to capture the same.
Speaking to Khaleej Times from London, Dr Shetty, who is also the co-chairman of NMC Health, another home-grown global brand, said he was no stranger to the London markets. "With NMC we have demonstrated a proven track-record of stellar shareholder value creation and I am confident we will do this again through Finablr going forward."
The shares of NMC healthcare group has recorded a 13-fold increase since listing in 2012 on the LSE.
Sounding upbeat following the conclusion of the second IPO, Dr Shetty said that in order to build an enduring business one cannot have a short-term outlook. "My approach to business is all about long-term value creation. In the short-term, markets can be temperamental and it's somewhat of a herd mentality. But ultimately in the long term if you have a strong business, the market will recognise and reward it with the right value," said Dr Shetty, a self-made tycoon with interests across the financial services, healthcare, pharma, education, hospitality and FMCG sectors.
Amid jittery global market conditions that also rocked ride-hailing app Uber's Wall Street debut, the price revision to 175 pence per share, down from an initially anticipated range above 200 pence, gave Finablr an implied market value of about $1.59 billion, the bookrunner said.
Books were covered at full value of the deal worth 192.5 million shares, which means the share offering will raise about £337 million. The deal size includes a revised base deal size of 175 million shares and 17.5 million of over-allotment option shares. According to market watchers, the listing of the shares on LSE is expected today.
The Finablr group, which has a global reach spanning more than 170 countries, managed $114.5 billion in annual volumes for its clients in 2018. The group, comprising UAE Exchange, Travelex Holdings and Xpress Money, has been seeking to raise $200 from the IPO.
Dr Shetty, Finablr's biggest shareholder and recognised by investors for stellar track record of value creation, bought UK-based Travelex in January 2015 $1.1 billion.


Issac John

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